Why Okta Stock Cratered Thursday Morning
Shares of (NASDAQ: OKTA) tumbled out of the gate Thursday, losing as much as 22.8%. As of 11:34 a.m. ET, the stock was still down 20.3%.
The catalyst that sent the cybersecurity specialist lower was its quarterly earnings results, which were something of a mixed bag.
For its fiscal 2024 first quarter, Okta generated revenue of $518 million, up 25% year over year, fueled by subscription revenue, which grew 26%. The company's focus on costs helped boost its bottom line, as it swung from a loss to a profit, with adjusted diluted earnings per share (EPS) of $0.22.
Source Fool.com
Okta Inc. Stock
€127.32
0.120%
With 85 Buy predictions and 3 Sell predictions Okta Inc. is one of the favorites of our community.
On the other hand, the target price of 120 € is below the current price of 127.32 € for Okta Inc., so the potential is actually -5.75%.
